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BMO ALTO High Yield Savings Account Review - Is It Worth It? (2024)A money market account is a close cousin to a traditional savings account, but typically offers a higher interest rate and requires a higher balance. A money market account is a type of savings account that earns interest. It functions like most savings accounts you can find at a bank or credit union. The number of withdrawals or transfers from money market accounts are unlimited when made in person at BMO, at an ATM, by messenger, transfers for Overdraft.